Hello traders. This analysis on the 4H TF shows us a possible double top setup. Though it might be a bit risky to enter this trade now, if the support level around 0.08600 is broken without any rejection or is broken and retested, the support around 0.68140 is a good place to TP.
The bearish engulfing candle on the 1D TF also indicates strong selling pressure. A more conservative entry would be to wait on the close of this daily candle.
The bearish engulfing candle on the 1D TF also indicates strong selling pressure. A more conservative entry would be to wait on the close of this daily candle.
Comment:
This was a really good setup. Even though price did not reach the support level as projected, there was still a potential to make good profits.
Comment:
Price may still fall to our projected support level if it has trouble breaking the highs of our double top setup.
Comment:
Indeed this was a really good setup as price did eventually move to our projected support level around 0.08600. This is a good place to TP.
Trade closed: target reached